Monday, 9 March 2015

Sukanya Samriddhi Yojana (SSY) account opening

Sukanya Samriddhi Yojana account can be opened in any post office or designated branches of PSU banks with a minimum investment of Rs 1,000. Two Private banks are also authorised to open SSY account. There was a circular issued by RBI which provides the list of all the banks authorised to open SSY account.

List of Public Sector Banks

  1. Allahabad Bank
  2. Andhra Bank
  3. Bank of Baroda
  4. Bank of India
  5. Bank of Maharashtra
  6. Canara Bank
  7. Central Bank of India
  8. Corporation Bank
  9. Dena Bank
  10. IDBI Bank
  11. Indian Bank
  12. Indian Overseas Bank
  13. Oriental Bank of Commerce
  14. Punjab National Bank
  15. Punjab & Sind Bank
  16. State Bank of India
  17. State Bank of Bikaner & Jaipur
  18. State Bank of Hyderabad
  19. State Bank of Mysore
  20. State Bank of Patiala
  21. State Bank of Travancore
  22. Syndicate Bank
  23. UCO Bank
  24. Union Bank of India
  25. United Bank of India
  26. Vijaya Bank

List of Private Sector Banks

  1. Axis Bank Ltd.
  2. ICICI Bank Ltd.

Document required for opening an account

  • Birth Certificate of the girl child.
  • Identity proof of the guardian.
  • Address proof of the guardian.

Passbook

On opening an account, the depositor shall be given a pass book bearing the date of birth of the girl child, date of opening of account, account number, name and address of the account holder and the amount deposited.

The pass book shall be presented to the post office or bank at the time of depositing money in the Sukanya Samriddhi Account and also at the time of final closure of the account on maturity.

Operation of Account

The account shall be opened and operated by the natural or legal guardian of a girl child till the girl child in whose name the account has been opened, attains the age of ten years.

On attaining age of ten years, the account holder (girl child) may herself operate the account. However, deposit in the accout may be made by the guardian or any other person or authority.

Best time to open a SSY account

The ideal age when the Sukanya Samriddhi Account (SSY) should be opened for a girl child is before the child completes 1 year. Since Sukanya Samriddhi Yojana has been started as part of "Beti Bachao Beti Padhao" campaign, it is clear that the primary aim of this scheme is investment in a girl's higher studies.
The duration of SSY is 21 years from the date of opening the account. (Read : What is the duration of Sukanya Samriddhi Yojana account?) Along with an option for partial withdrawal of up to 50% only after the girl child attains the age of 18. (Read : What are the Pre-mature closure and partial withdrawal rules for Sukanya Samriddhi Account?)

It gives a clear indication that the idea is to support higher education and then marriage of the girl child. If we go by the common schooling pattern in India, where kids start going to a school at the age of 3, starting with 3 years of kindergarten followed by 12 years of schooling it makes 18 years when they can start for higher studies. Thus, having a restriction to partially withdraw money only after girl child completes 18 makes sense.
Again, if we go by the current marriage trends as depicted by the 2011 census - 92% of women were married by the time they reached 25 years of age (Source - http://timesofindia.indiatimes.com/india/Census-2011-data-In-33-marriages-women-werent-18/articleshow/46790489.cms). Thus maturity of SSY after 21 years makes sense too.

Points to note -

  • One account per girl child is allowed. A parent can open maximum 2 accounts for 2 daughters.
  • See: Who is eligible for opening a Sukanya Samriddhi Yojana account? For more details.
  • The account may be opened with an initial deposit of one thousand rupees.
  • If minimum Rs 1000/- is not deposited in a financial year, account will become discontinued.
  • Deposits in an account may be made till completion of fourteen years, from the date of opening of the account.

That's all for this topic Sukanya Samriddhi Yojana (SSY) account opening. If you have any doubt or any suggestions to make please drop a comment. Thanks!


Related Topics

  1. Pre-mature closure and partial withdrawal rules for Sukanya Samriddhi Account
  2. Eligibility for opening a Sukanya Samriddhi Yojana account
  3. Rate of interest on Sukanya Samriddhi Yojana account
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